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Property Mortgaged now received a Statutory Demand


bernieeva
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My name is bernie, this started 6 years ago,

 

I took out a firsti mortgage on a property I was renovating, the amount was £50,000,

I received the first half, but the company refused to give the second half until I had full building regs approval, although I explained work could still be ongoing with getting building regs in to inspect as work progressed,

 

so I was stagnated for some 9 months, unfortunatlely I then got bowel cancer, this caused huge problems, I was given a limited time to live,

In fact what was told was I should get my affairs in order,

 

I told the bank who funded the money about my cancer , and they said it is fine , they will extend the length of the loan, after my first surgery and some 90 sessions of chemo and radio theraphy, over the following 36 weeks, I felt I was able to return to work,

 

Unfortunatly the treatment had taken a terrible tole on me , I was in constant pain , never away from the toilet, but worse I was so slow and always tired,

I continued to do work as best I could , but the bank were not happy with the progress and constantly threatend me with repossesion,

 

They then said if they were to allow me to continue they would appoint builders , if i did not agree they would make me bankrupt, so i agreed,

 

the builders were on site 1 week, the word tex would be an insult to cowboys .

In 35 years in the building trade I have never seen such bad work, in the end I said they had to go ,

 

I ended up undoing all the work they had done and redoing it all again at addition cost and time, the bank insisted I get other builders in to do the work , but i

I had to go for further surgery, so on my return, I employed 2 builders to help do the work,

 

well in reality they did almost all the work,

Often when I was bent double in pain they would say you are stupid you should be at home, but I had every thing I had in this property , so I needed to get it finished,

 

The bank said they would only release payments at £5000 , this proved really difficult, this amount of money does not buy much especially when you are paying two full time builders as well,

Often the builders would go doing other work because they had not been paid, this and the fact we were ordering materials in small quanties also contributed to delays,

 

I do of course realise my illness was the reason for a huge part of the delays,

After a while the builders said they could not work like this so left altogether, I then started to do the works alone,

 

I lived on site in a box, to go home would mean I had accidents in the toilet department, no bowel control what soever, Sorry to be so graphic,

 

at another site meeting , when work was progressing well but we were on year 3, and I had already by this time had 5 surgical procedures, 1 was through lifting heavy items after my previous surgery, any way they again sent a letter saying they will reposess and make me bankrupt,

 

as I was saying at the site meeting they were impressed with the progress , I said to them at that time , you are not going to wait until I finish and then reposess are you, patrick ruan said very clearly we would never do that bernie, all we want is for you to get the flats finished and get them sold, They seemed to genuinely care,

 

after the top flat was finished they insisted it went on the market with an estate agent, I have always said I am better qualifide to sell because I built them,

but they said it had to be an estate agent , they said get 3 valuations,

 

 

I arranged for these but the first one valued the top flat at £100,000, this was way above my valuation of £85,000, and I said this to patrick , but he said go with them ,

 

I explaind often estate agents will over value a property to get your business ,

then a few months later ask you to drop the price , but he was insistant, any way after a few weeks we had a viewing , Which was the only viewing I did,

and it received a cash offer of £82,500, which I thought was great, but graham harvey the other partner in the bank, said I could not even consider an offer so low, so I told the estate agent what he had said,

 

After that we got no more viewings, I completed the bottom flat except for some snagging jobs, and left my worker to complete these while I went to stay with my sick aunt, and then went to china to have traditional chinese medicine, I have been taking traditional medicine now for several years,

 

there are large amounts of extra cost caused by delays with getting payments, but finally it was almost finished,

Graham when he came on the first site visit told me you will still do well out of this when it is finished,

 

I said at that time , I will not make any thing, and it is doubtful if I will even recover any of the original building cost, I had no idea how much was oweing by then, I had never received any statements , the iterest was as they put it rolled over,

 

when I got back from china after my treatment, I came home to a repossesion letter, I phoned them up . and Patrick said their was nothing he could do it was being repossesed, if i did not agree they would reposess any way and make me bankrupt,

 

I said no, I need to get advice, he then said if I signed it over willingly they would not pursue me for any shortfall if there was any, , so reluctantly I signed the properties over,

 

during the time they were on the market they asked would I go back and do some jobs on the property for them, as a new building inspector had said some things needed to be done differently, I did this work for them , they even thanked me for helping them ,

 

I was told that the properties were now on the market for £60,000, so I contacted them again and again and said if you let me sell them for you I will get you a far better price,

I know it sounds insane but I believed at that time they were genuine decent people, that had eventually allowed me to finish the job I had started, this was very important to me , when fighting cancer you need a goal , and this was my goal,

but they repeatedly refused my request to help them sell their properties,, saying it would be a conflict of interest,

 

I said how can it be a conflict of interest the properties are yours, I will not even want any thing for selling them for you, but the refused again and again,

 

a while later Graham asked me to go to the site to meet with the building inspector so I went while I was there I noticed that graham had a copy of my home deeds in the site file , I said why have you got that, he said they got this at the beginning of the mortgage ,

 

I did not bbelieve him so on the folling monday I called him and asked him again, I even asked him if he intended forcing me to sell my house , he said there would be no point, so I said so I have nothing to worry about then, he said you have nothing to worry about,

Am I stupid or what, ( CLEARLY I AM , )

 

After the second property was sold they sent me a bill for a short fall including interest £1200 A month and adminstration fees £1600 month and site visit fees £385 each week, no wonder they said they will come on a weekly basis the total was over £100,000 ,

 

I phoned up and said what is this,

you said if there was a short fall you would not pursue me for it , Patrick said at that time we expected to get £95,000 for each property but as we did not we now want full payment ,

It is clear now that they had no intention of honouring the agreement they had about the shortfall, this was obviously why they got copies of my home deeds before repossessing,

 

during the 2.5 years it took them to sell the properties they phoned some times to see how the renovation work was going on my house, I soon realised that they had no intention of honouring the agreement they had with me, so I did in fact stop working on my home

 

as you can see I was proved correct,

Patrick said if I agree to a voluntary charging order being put on my house , they would never pursue to enforce it and wait until the house was sold before they got payment ,

 

they sent me these forms , but after reading them, I realised they had no intention or honouring this agreement either, it was in fact a second mortgage , not a voluntary chargeing order with a clause never to enforce,

But it had a huge list of things I could not do in my own house which cancelled out this clause ,

 

Effectivly if I knocked a nail in the wall I would be in default and they could immediatly enforce the sale,

And just in case that did not work, turn over the page and it said they may at any time appoint a liquidator to make me bankrupt and force the sale of my house,

 

so it was clear if they were really not going to force the sale, they would have no reason to put in these clauses,

So I said I will need to see a solicitor, this morning I received a statutory demand under section 268 (1) (a) of the insolvency act ,

 

 

Open to any help or advice

It is hard enough just trying to stay alive, with out this added pressure, again in my life, sorry my letter was so long , I have missed lots out,

all my life I have done business on my word, and so many times I have lost so much because I would never go back on my word,

some times I just despair so much of how so many people are

Thank you for reading this ,

Edited by bernieeva
Paras.
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just add some blank lines

 

space it out

 

use the edit post icon on the grey bottom toolbar.

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Hello bernieeva, and welcome to CAG! :-)

 

I'm so sorry to hear what a rotten time you have been having. You were obviously working your butt off on those properties even though you were so terribly unwell.

 

I'm going to try and get someone to your thread to help you. Hold on, as they may not be online just now.

 

DD

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Hello Bernie and DD.

 

I've answered the SOS and put in some paragraphs, I hope it's what you wanted.

 

Are you able to say what outcome you would like from this please? It will help us to decide which forum would be best for you to get advice. :)

 

My best, HB

  • Haha 1

Illegitimi non carborundum

 

 

 

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Thread moved to General Legal Issues.

 

Regards

 

Andy

We could do with some help from you.

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If you want advice on your Topic please PM me a link to your thread

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Welcome to CAG. Can you let us know roughly

- Who is the lender?

- How much is owing?

- How much of the amount owing is fees?

- How much the properties sold for vs. how much you think they were worth?

 

Based on the figures you will need to make a decision about whether you challenge this. If you are in a situation where what is left can not realistically be repaid it may be worth thinking about bankruptcy or some other formal way of dealing with the debt.

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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Hi,

Thank you for this , i appreciate every you are doing to help me,

 

the company name is bishopsgate securities, based in manchester,

 

it is the lies that hurt so much,

why say they will not come on me for the short fall, when it was clear from them having my deeds this was a lie ,

 

i feel i was both blackmailed into signing, to hand the properties back,

they sold them both for £59000, and £56000,

they said i could not sell one for £82,500 ,

the way they was marketed was the worse i had seen,

 

i repeatedly asked them to let me sell them,

i so often said i just want to do this to help you get the best price,

these are you properties now , as you said you will never want any more off me ,

 

i know stupid and nieve , but i have been trusting all my life ,

i do not want to go bankrupt,

i was doing my house up so i could open a bed and breakfast ,

 

i need to work, but because of my condition i can not ,

this new business will give me a reason to live again,

 

all my life i have worked ,

i have never been a burden to any one,

and i feel lost,

even this lost feeling is not me,

but recently i just wonder what it is all for with so many bad people out there,

 

sorry to go on like this ,

 

but i really liked these people , and i would never of let them lose money because they helped me ,

 

the total they are asking for is £100,000, interest and charges and about £20,000 thety did not recover,

 

i have asked my solicitor to offer them £50,000 payable over 7 years,

 

this is of course if i should live this long ,

but i suppose in reality this is probably not going to happen,

but i feel they will not get so much any way if they make me bankrupt,

i have no idea what my house is worth ,

 

i paid £138,000 for it 12 years ago,

i still owe £269,000 , plus other depts on it for about £30,000,

 

but this is my only hope of getting to work again ,

 

many thanks

Bernie

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whatever else you do

 

you need to get all the statements etc etc

 

send an sar off.

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

Sorry to hear about what must be a very difficult time for you.

 

Can you let us know what outcome you would like to achieve please?

 

If you still owe 269,000 my gut reaction is that it may be worth considering bankruptcy. It may be possible to challenge some of the charges and the sale price of the properties. Correct me I am wrong but it sounds like even if your challenge is successful it wouldn't be enough to bring the debt down to a manageable level.

 

Bankruptcy is normally discharged after 12 months. There is something to be said for having a clean start without any debt rather than struggling to pay 50k or 100k over several years. The big issue to consider would be what happens to your home - have a look at https://www.gov.uk/bankruptcy/ and www.nationaldebtline.co.uk

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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Good morning Bernie,

 

I think you should get an estate agent round to value your house. It's impossible to know how much the value would have risen in 12 years as it varies from area to area.

 

If you don't want to do that go on to one of the property search websites and check out similar properties, and there are also websites which will tell you how much local properties have sold for recently.

 

DD

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Hi again,

I do not have so much on paper they told me they would not pursue me for the shortfall on the phone,

I do have recordings of conversations, but my solicitor feels these are of no relevance ,

 

I also said we should go to court to challenge this , as it was clearly a contract verbally or not, but I was told judges always go in favour of financial institutions,

 

It seems insane I have him saying they only decided to pursue the short fall because they did not get £95,000 for each property, I do not see what relevance that is ,

 

In fact I feel if they did receive tha amount I could of got them £82500 each at least , their is little doubt based on what I now know they would of still pursued me for the rest,

 

my solicitor said we should go the the office of fair trading , but I feel this will only remove some of the cost, I do not say dept, becaue I do not owe this based on their agreement with me,

My house is all I have left , it is my life , it is also my only hope of having a future, once I am able to start my business from there,

 

So many people have been telling me to go bancrupt for years, but it is important for me to pay people that I owe,

even this company ,

because I told them I will not let them lose money because they have funded this project, I am honour bound to keep my word,

 

in all my life I have never broken my word through any fault of my own, this is so important to me ,

 

I do not see why other companies should lose out , just because of the lies and deceipt of this company, and this would happen if I went bankrupt,

not counting I will lose far more than you can imagine ,

Edited by bernieeva
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I have arranged for a surveyor to come and value my house,

I have looked on several sites and looked at ways the bankruptcy people value your property, the average seems to be between £230,000 and £290,000,

but it is all based on passed valuations and original purchase price , so I need to get a more accurate valuation, my house is in very poor condition, but once the work is complete it should be worth £450,000

but i anticipate i will need to spend £120,000 on it getting it to a high standard ,

as you would expect if paying this kind of money,

but it is most important that the valuation is done by a proffesional surveyor and valuer, So i have a clear and accurate valuation,

I do not know if the bankruptcy people will except this valuation,

but then again , if they do not, the one they get may be lower , ?

Edited by bernieeva
adding extra words
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The area we live has huge differences for similar properties, the highest I have seen for a similar sized house was £625,000 but I have also seen similar sized for £350,000 , and these were really beautiful,

so it is difficult to know ,

I have read various things on bankruptcy, but it seems to keep my house I need a rich person to buy my interest in it , or some thing like that, assuming there is any equity in it ,

I just really do not know,

The last valuer about 7 or 8 years ago said it was only worth £160,000, which I thought was under valued at that time, but sadly it has decayed considerably since then, I feel so tired now, it seems every one wants to kick you while you are unable to fight back, I feel such a fool for trusting these people, and every one warned me,

I guess there's one born ever minute , and it seems like i'm the one ,

thank you every one for youir advice , I do really appreciate it ,

Edited by bernieeva
MISTAKE IN SPELLING
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whatever else you do

 

you need to get all the statements etc etc

 

send an sar off.

 

My solicitor asked them for copies of all paper work, but they told him to get them from me,

SAR, means they can not refuse to send me the papers ?

But they are not honest , they will just remove any thing that could cause them problems,

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sar goes to the original creditor.

 

its a LGAL request

 

they MUST fully comply

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

Link to post
Share on other sites

My solicitor asked them for copies of all paper work, but they told him to get them from me,

SAR, means they can not refuse to send me the papers ?

But they are not honest , they will just remove any thing that could cause them problems,

 

i never had any statements from them , i will ask my soliccitor to send a sar to them , thank you ,

my house valuation came back it was far lower than i expected , i know my house needs a lot of work, but i did not think it needed that much, many thanks for your advice

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Good morning Bernie,

 

I think you should get an estate agent round to value your house. It's impossible to know how much the value would have risen in 12 years as it varies from area to area.

 

If you don't want to do that go on to one of the property search websites and check out similar properties, and there are also websites which will tell you how much local properties have sold for recently.

 

DD

i have had my valuation, i was looking on a site that said a family member can by a benificial interest , but this is only if it has equity, so really it seems because it has no equity at this time i will in fact be worse off, because my home can be sold at any time in the future, the valuation has come in at about half what i owe or have secured on it on it ,
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i really do not want to go bankrupt, this is so unfair on the other companies that have been honest with me, not counting the way i will feel , i already feel like such a failure , just not being able to work, so getting my home done and starting a business from there will be so good , i know i will not make a fortune , but i will be able to work again, my daughter who pays most of my mortgage now has said she will help pay to get the work done on the house, but now she knows if i am forced to go bankrupt , they may just sell the house when she has put all her money into it, she is of course reluctant to do this , why are people so dishonest ?

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Welcome to CAG. Can you let us know roughly

- Who is the lender?

- How much is owing?

- How much of the amount owing is fees?

- How much the properties sold for vs. how much you think they were worth?

 

Based on the figures you will need to make a decision about whether you challenge this. If you are in a situation where what is left can not realistically be repaid it may be worth thinking about bankruptcy or some other formal way of dealing with the debt.

 

Hi,

I have added several other bits of information, i am not sure if they are being seen, ?

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